European versus US payments: “Each country has its own quirks”

Adoption of digital financial technology continues to accelerate in Europe with markets like the UK and Sweden leading the push from cash and cheque to contactless, mobile and online payments. That evolution is happening at a different rate from country to country, however, with Germany’s continued preference for cash at the checkout a reminder that payments habits are still very culturally defined even on the same continent.

During an interview in the Finetics™ Studio by The Bancorp at Money 20/20 in Las Vegas, we caught up with The Bancorp’s MD of payment solutions in Europe, Kriya Patel, to talk about the differences between payments in the US and Europe, plus what’s ahead for the region this year.

“Each country has its own quirks and rules,” says Patel. “There is a degree of consistency with EU driven policies but each country is unique. One of the key things to understand beyond size difference and maturity of the market is sheer fact that tech adoption in Europe has already been there for some time and continues to move at a rate of knots – just look at how long we’ve had chip and pin or the high level of preparation for contactless among merchant terminals.

“There is a great strategic push at government level across multiple markets in Europe wanting to make elimination of cash and cheque in market a strategic objective.”

Access more insights on fintech trends in Europe from Pat Patel, content director at Money20/20 Europe and many more on The Bancorp’s Finetics blog.